Income Tax Slabs & Tax Rate in India for Financial year 2019-2020 – Budget 2019 Updates

Income Tax Slabs Tax Rate for Individual & HUF Below the Age Of 60 Years
Up to ₹2,50,000* Nil
₹2,50,001 to ₹5,00,000 5% of total income exceeding ₹2,50,000
₹5,00,001 to ₹10,00,000 ₹12,500 + 20% of total income exceeding ₹5,00,000
Above ₹10,00,000 ₹1,12,500 + 30% of total income exceeding ₹10,00,000

Income Tax Slabs Rates for Previous Years

What is Income Tax Slabs ?

In India, income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab.

Such tax slabs tend to undergo a change during every budget.

Further, since the budget 2018 has not announced any changes in income tax slabs this time, it remains the same as that of last year

There are three categories of individual taxpayers:

  1. Individuals (below the age of 60 years) which includes residents as well as non-residents
  2. Resident Senior citizens (60 years and above but below 80 years of age)
  3. Resident Super senior citizens (above 80 years of age)

New Income Tax Slabs and Rates for Financial Year: 2019-20

Income Tax Slabs & Rates for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2019-20 – Part I

Income Tax Slabs Tax Rate for Individual & HUF Below the Age Of 60 Years
Up to ₹2,50,000* Nil
₹2,50,001 to ₹5,00,000 5% of total income exceeding ₹2,50,000
₹5,00,001 to ₹10,00,000 ₹12,500 + 20% of total income exceeding ₹5,00,000
Above ₹10,00,000 ₹1,12,500 + 30% of total income exceeding ₹10,00,000

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

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Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

*Income tax exemption limit for FY 2019-20 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)

Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2019-20 – Part II

Income Tax Slabs Tax Rate for Senior cetizens aged 60 Years But Less than 80 Years
Income up to Rs 3,00,000* No tax
Income from Rs 3,00,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

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Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

*Income tax exemption limit for FY 2019-20 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2019-20 – Part III

Income Tax Slabs Tax Rate for Super Senior Citizens (Aged 80 Years And Above)
Income up to Rs 5,00,000* No tax
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
Note: An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

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Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

*Income tax exemption limit for FY 2019-20 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

Income Tax Slabs for Domestic Companies for FY 2019-20 – Part IV

Turnover Particulars Tax Rate
Gross turnover upto 400 Cr. in the previous year 25%
Gross turnover exceeding 400 Cr. in the previous year 30%

In addition cess and surcharge is levied as follows: Cess: 4% of corporate tax

Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%

Taxable income is more than 10Cr. :12%

Income Tax Slabs Rates for FY 2018-19(AY 19-20)

Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I

Income Tax Slabs Tax Rate for Individual & HUF Below the Age Of 60 Years
Up to ₹2,50,000* Nil
₹2,50,001 to ₹5,00,000 5% of total income exceeding ₹2,50,000
₹5,00,001 to ₹10,00,000 ₹12,500 + 20% of total income exceeding ₹5,00,000
Above ₹10,00,000 ₹1,12,500 + 30% of total income exceeding ₹10,00,000

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

Invest Now & Save Upto ₹ 46,800 on Taxes

Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

*Income tax exemption limit for FY 2018-19 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)

Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2018-19 – Part II

Income Tax Slabs Tax Rate for Senior cetizens aged 60 Years But Less than 80 Years
Income up to Rs 3,00,000* No tax
Income from Rs 3,00,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

Invest Now & Save Upto ₹ 46,800 on Taxes

Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

*Income tax exemption limit for FY 2018-19 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2018-19 – Part III

Income Tax Slabs Tax Rate for Super Senior Citizens (Aged 80 Years And Above)
Income up to Rs 5,00,000* No tax
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

Invest Now & Save Upto ₹ 46,800 on Taxes

Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

*Income tax exemption limit for FY 2018-19 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

Income Tax Slabs for Domestic Companies for FY 2018-19 – Part IV

Turnover Particulars Tax Rate
Gross turnover upto 250 Cr. in the previous year 25%
Gross turnover exceeding 250 Cr. in the previous year 30%

In addition cess and surcharge is levied as follows: Cess: 4% of corporate tax

Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%

Taxable income is more than 10Cr. :12%

Income Tax Slabs Rates for FY 2017-18(AY 2018-19)

Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2017-18 – Part I

Income Tax Slabs Tax Rate for Individual & HUF Below the Age Of 60 Years
Income up to Rs 2,50,000* No tax
Income from Rs 2,50,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

Invest Now & Save Upto ₹ 46,800 on Taxes

Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

*Income tax exemption limit for FY 2017-18 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)

Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2017-18 – Part II

Income Tax Slabs Tax Rate for Senior cetizens aged 60 Years But Less than 80 Years
Income up to Rs 3,00,000* No tax
Income from Rs 3,00,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

Invest Now & Save Upto ₹ 46,800 on Taxes

Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

*Income tax exemption limit for FY 2017-18 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

Income Tax Slabs for Senior Citizens(80 Years Old Or More) for FY 2017-18 – Part III

Income Tax Slabs Tax Rate for Super Senior Citizens (Aged 80 Years And Above)
Income up to Rs 5,00,000* No tax
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

Invest Now & Save Upto ₹ 46,800 on Taxes

Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

*Income tax exemption limit for FY 2018-19 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)

Income Tax Slabs for Domestic Companies for FY 2018-19 – Part IV

Turnover Particulars Tax Rate
Gross turnover upto 250 Cr. in the previous year 25%
Gross turnover exceeding 250 Cr. in the previous year 30%

In addition cess and surcharge is levied as follows: Cess: 4% of corporate tax

Surcharge: Taxable income is more than 1Cr. but less than 10Cr.: 7%

Taxable income is more than 10Cr. :12%

How to Calculate Income Tax from Income Tax Slabs?

Rohit has a total taxable income of Rs 8,00,000. This income has been calculated by including income from all sources such as salary, rental income, and interest income. Deductions under section 80 have also been reduced. Rohit wants to know his tax dues for FY 2017-18 (AY 2018-19).

Income Slabs Tax Rate Tax Calculation
*Income up to Rs 2,50,000 No tax
Income from Rs 2,50,000 – Rs 5,00,000 5% (Rs 5,00,000 – Rs 2,50,000) Rs 12,500
Income from Rs 5,00,000 – 10,00,000 20% (Rs 8,00,000 – Rs 5,00,000) Rs 60,000
Income more than Rs 10,00,000 30% nil
Tax Rs 72,500
Cess 4% of Rs 72,500 Rs 2,900
Total tax in FY 2017-18 (AY 2018-19) Rs 75,400

*Please note that Rohit is an individual assesse having an income tax exemption of Rs 2,50,000. For other assesse as mentioned in table Part II & III, the Income tax limit for availing the exemption would be Rs 3,00,000 & Rs 5,00,000 respectively.

Frequently Asked Questions

  • How does the government collect the taxes?
    Taxes are collected by the Government through three means:
    a) voluntary payment by taxpayers into various designated Banks. For example, Advance Tax and Self Assessment Tax paid by the taxpayers,
    b) Taxes deducted at source [TDS] from the income of the receiver, and
    c)Taxes collected at source [TCS].
  • What is the time period considered for the purpose of income tax?
    Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year. The Income-tax Law classifies the year as (i) Previous year, and (ii) Assessment year.
  • On the Challan, what does income tax on companies and income tax other than companies mean?
    The tax that is to be paid by the companies on their income is called as corporate tax, and for payment of same in the challan it is mentioned as Income-tax on Companies (Corporation tax)-0020. Tax paid by non-corporate assessees is called as Income-tax, and for payment of the same in the challan it is to be mentioned as Income-tax (other than Companies)-0021
  • Is the due date for filing tax return same for all the taxpayers?
    No, the due date for all the taxpayers is not the same. For individual taxpayers the due date is 31st July of the assessment year